Zhejiang Shipbuilding to sell 11 unfinished OSVs

Zhejiang Shipbuilding to sell 11 unfinished OSVs

Bankrupt shipyard Zhejiang Shipbuilding is looking to sell 11 unfinished OSVs en bloc through an online auction scheduled on November 20.

The 11 vessels include eight AHTS vessels, two PSVs and one IMR vessel. The starting price for all the vessels in the auction is RMB208m ($29.5m).

The new buyers could choose to finish the construction of the vessels at the shipyard if the auction sale goes successfully.

Zhejiang Shipbuilding, a subsidiary yard of Sinopacific Shipbuilding, was declared bankrupt by a local court in 2016. The other subsidiary yards of Sinopacific Shipbuilding, started by Zhejiang businessman Simon Liang Xiaolei, changed owners through restructuring since 2017.

Shanghai Yingjun Investment Management Company, a wholly owned subsidiary of China’s real estate conglomerate Evergrand Group, joined the restructuring of Zhejiang Shipbuilding in August last year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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